WASHINGTON - (04/27/05) -- The House easily approved a billTuesday that will allow federal credit unions to offer a variety ofservices, including check cashing, wire transfers and money orders,to non-members within their fields of membership. But the measurefaces a more difficult time when it is voted by the Senate and iswidely expected to eventually be mixed in with a broader regulatoryrelief bill for credit unions. NCUA Chairman JoAnn Johnsonapplauded the measure, saying it will provide low-cost services tomany individuals, particulalry immigrants, who are at the mercy ofhigh-cost check cashers and money servicers. "It offers theseindividuals another opportunity to transact business with aninsured institution that is regulated by the U.S. Government," saidJohnson. "These are people who are getting taken to the cleaners,who can least afford it. And it helps them establish a relationshipof trust with a financial institution." Similar laws have beenpassed in a half dozen states allowing state chartered creditunions to provide those services to non-members within theirFOMs.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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